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PTT Exploration and Production Public Company Limited Management Discussion and Analysis ( MD & A ) for the second quarter of 2021 Executive Summary PTTEP During the second quarter of 2021 , average crude oil price had increased to 66.9 USD / barrel , mainly from recovery in crude oil demand following lockdowns relaxation in many countries as more COVID - 19 vaccines had been administered and the number of new infections declined . This led to faster global economic recovery than expected . On the supply side , OPEC + has been cautious towards its policy by deciding to gradually increase its production volume . The market , therefore , expected to see continuing supply deficit in Q3 / 2021 and the crude oil price rose to 70-80 USD per barrel . Nevertheless , oil prices remain under pressure from concerns over COVID - 19 new variants outbreak and the delay in vaccine roll out that may force countries to re - implement lockdown measures . - PTTEP continues to operate under the EXPAND EXECUTE strategy with update on key activities in Q2 / 2021 including the Sarawak SK410B Project in Malaysia , which we previously announced the finding of large natural gas reservoir , is currently under field development study to reflect a larger gas discovery volume with the Final Investment Decision ( FID ) expected in late 2022 / early 2023 ; the Sarawak SK438 Project which we discovered a new natural gas field in its first exploration well and is currently evaluating petroleum potential from the drilling result of the second exploration well for further development planning , evidencing additional success in exploration drilling in Malaysia after Q1 / 2021 discoveries in Sarawak SK417 and Sarawak SK405B projects ; Oman Block 61 Project that we had recently acquired participating interest in March 2021 , has increased its production level of natural gas and condensate to 1,500 MMSCFD and 69,000 BPD , respectively since 27 June 2021 . Regarding the transition of operations for G1 / 61 Project ( Erawan field ) , there is no clarity on the site access for wellhead platforms and pipeline installation , although the company has accepted all conditions to access the site required by the current concessionaire . This will affect the gas production under the new PSC . The impact is currently being evaluated with remediation plan to compensate potential volume shortfall from other projects . We continuously and closely coordinate with the government to find minimal impact solution , putting the top priority on Thailand's energy security . For G2 / 61 Project ( Bongkot field ) , we have good progress in transition as planned . In Q2 / 2021 , PTTEP reported net income of 222 MMUSD , decreased from the previous quarter . The profit from normal operation has increased to 349 MMUSD mainly driven by higher sales volume and average selling price , together with lower unit cost which decreased from 27.96 USD / barrel of oil equivalent ( BOE ) to 27.24 USD / BOE . Whereas , there is loss from non - recurring items 127 MMUSD mainly from oil price hedging . PTTEP , therefore , reported cash flow from operations of 1,434 MMUSD with the EBITDA margin at 76 % . As at Q2 / 2021 , PTTEP reported total assets of 23,230 MMUSD , of which 1,850 MMUSD was cash and short - term investments , while total liabilities were reported at 11,209 MMUSD , of which 4,131 MMUSD was interest - bearing debt . Total shareholders ' equity stood at 12,021 MMUSD with debt - to - equity ratio at 0.34 , reflecting strong and healthy financial structure . Table of key financial results Q1 Q2 Q2 % 2021 2021 2020 % Inc. ( Dec. ) Inc. ( Dec. ) 6M 6M % 2021 2020 Inc. ( Unit : Million US Dollar ) QoQ ΥΟΥ YTD Total Revenue 1,779 1,767 1,095 ( 1 ) 61 3,546 2,779 28 Sales Revenue * 1,391 1,729 1,041 24 66 3,120 2,523 24 EBITDA ** 1,041 1,328 711 28 87 2,369 1,793 32 Profit ( loss ) for the period 376 222 134 ( 41 ) 66 598 409 46 Basic earnings ( loss ) per share ( Unit : US Dollar ) 0.09 0.06 0.03 ( 37 ) 100 0.15 0.10 50 Profit ( loss ) from normal operation 282 349 128 24 > 100 631 418 51 Profit ( loss ) from non - recurring items 94 ( 127 ) 6 > ( 100 ) > ( 100 ) ( 33 ) ( 9 ) > ( 100 ) * Included deemed income for tax payment by Oman government amounting to 28 MMUSD for Q2 / 2021 and for the six - month period ended June 2021 but were excluded in the average sales volume and selling price calculation . ** Excluded gain from a bargain purchase of Oman Block 61 Project and partial write - off of exploration and evaluation assets of the exploration project in Brazil for Q1 / 2021 and for the six - month period ended June 2021 Executive Summary Economic Outlook Financial Performance Operational Highlights Company Strategy Business Outlook Page | 1